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WHEN DEPOSITS ARE AVAILABLE FOR WITHDRAWAL
When you deposit a check at OceanFirst Bank, it takes time for the check to clear and for us to receive the funds. Because of this, our policy is to make funds from your deposits available according to the schedule below. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.
BUSINESS DAY
The length of the delay is counted in business days from the day of your deposit. Every day except Saturday, Sunday, and a Federal Reserve Bank legal holiday is a business day. The end of the business day is determined by the hours of operation for the respective branches as posted in our banking offices. Deposits made after the close of any business day or on Saturday, Sunday or a Federal Reserve Bank legal holiday will be considered made on the next business day.
Online Transaction Hours of Business:
- Transactions are processed Monday through Friday
- Transactions made before 3:00pm EST will be processed at the close of that business day
- Transactions made after 3:00pm EST will be processed at the close of the next business day
- Transactions made on weekends/Federal holidays will be processed at the close of the next business day
IMMEDIATE AVAILABILITY
The following deposits made into your account are available the same business day that the deposit is made when payable to the same name as the title on the account:
- American Express Traveler's checks
- Cash
- Electronic Direct Deposits (i.e.: social security benefits or payroll payments)
- Wire Transfers
NEXT-DAY AVAILABILITY
Funds from the following deposits are available the first business day after the day of your deposit (if made in person) or day of receipt (if mailed) when payable to the same name as the title on the account.
- Cashier's checks and teller's checks
- Certified checks
- Checks drawn on OceanFirst Bank
- Federal Home Loan Bank checks
- Federal Reserve Bank checks
- Postal money orders
- State and local government checks
- U.S. Treasury checks
OTHER CHECK DEPOSITS
Your ability to withdraw deposits other than those listed above is determined according to the bank location number at the bottom of the check. This number is considered the bank's routing number.
LOCAL CHECKS
If the check has the following routing numbers, it is considered a local check:
| 03XX-XXXX |
0214-XXXX |
2219-XXXX |
| 0212-XXXX |
2214-XXXX |
0280-XXXX |
| 2212-XXXX |
0210-XXXX |
0260-XXXX |
| 23XX-XXXX |
0219-XXXX |
2260-XXXX |
The first $100 from a deposit of local checks will be available on the first business day after the deposit. All the remaining funds will be available for cash withdrawal on the second business day after the day of the deposit.
NON-LOCAL CHECKS
Any routing numbers not listed under Local Checks are considered Non-local checks. The first $100 from a deposit on non-local checks will be available on the first business day after the day of deposit. All remaining funds will be available on the fifth business day after the day of deposit.
If you deposit checks from different categories, a maximum of $100 is available on the first business day after deposit, not $100 from each category of checks.
FOREIGN CHECKS
Checks drawn on banks outside the United States or Canada are generally sent for collections instead of being deposited directly into your account. Your account will be credited after we receive payment for the check from the bank on which it is drawn. Refer to Fee Schedule for applicable charge.
LONGER DELAYS MAY APPLY
Funds you deposit by check may be delayed for a longer period under the following circumstances;
- If we believe the check being deposited is uncollectible.
- If you re-deposit a check that has been returned unpaid.
- If you have overdrawn your account repeatedly the last six months.
- If there is an emergency, such as failure of communications or computer equipment.
- If you deposit checks totaling more than $5,000 in one day, the amount over $5,000 may be delayed.
We will notify you if we delay your ability to withdraw funds for any of these reasons and we will tell you when the funds will be available to you. They will generally be available no later than the 11th business day after the day of your deposit.
SPECIAL RULES FOR NEW CUSTOMERS
If your account has been open for less than 30 days and you have had no other transaction accounts with us that have been open for more than 30 days, the following will apply:
- U.S. Government Checks, Checks drawn on New Jersey State and Local Governments, Federal Reserve Bank Checks, Federal Home Loan Bank Checks. U.S. Postal Service Money Orders, Certified Checks, Cashier’s Checks, Teller’s Checks, and Traveler’s Checks up to a $5,000 limit will be available on the first business day after the day of deposit.
- Any of the above items in excess of $5,000 deposited into your account will be available on the ninth business day after the day of deposit.
- Checks drawn on OceanFirst Bank will be available on the second business day after the day of deposit.
- Local checks will be available on the sixth business day after deposit.
- All other check deposits will be available no later than the ninth business day after the day of deposit.
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